Tesla's revenue and adjusted net income significantly decreased in Q1 2024, with a 9% revenue drop and a 48% decline in adjusted net income, marking the company's first revenue contraction since 2020.

The decline is largely due to increased competition from more affordable hybrid vehicles offered by major automakers, leading Tesla to reduce prices to remain competitive.

Despite financial setbacks, Tesla's stock rallied 16% after hours, buoyed by the announcement of forthcoming affordable electric vehicle models expected by the second half of 2025.

The introduction of the 2023 Tesla Model 3 Performance, which benefits from a revised Federal EV tax credit, represents another potential boost for Tesla's sales.

Bosch projects significant growth in the electric vehicle market by 2030, with a substantial portion of new vehicles in North America, China, and Europe anticipated to be electric.

Nvidia continues to lead in AI and graphics, with its compute and networking segment driving the majority of its revenue and operating income, and its technologies playing a critical role in AI computing demands and various markets.